WAEC Agriculture 2019 Paper

Concept:Equilibrium price is determined where quantity demanded equals quantity supplied.Explanation:On the graph, find the point where the demand curve $D$ and the supply curve $S$ intersect.From this intersection point, draw a horizontal line to the price axis.The value at which this line meets the price axis is the equilibrium price of rice.The demand and supply curves intersect at a price of $\mathrm{N}3.00$.Therefore, the equilibrium price of rice is $\mathrm{N}3.00$.Answer:C. $\mathrm{N}3.00$